Comparing Standalone OD Policies: Tips for Getting the Best Deal Online
Considering the ever-rising market prices, maintaining a vehicle can be an expensive affair. Even though it is mandatory to have a vehicle insurance plan, opting for a standalone policy can be the best way to secure an affordable option
New Delhi: Considering the ever-rising market prices, maintaining a vehicle can be an expensive affair. Even though it is mandatory to have a vehicle insurance plan, opting for a standalone policy can be the best way to secure an affordable option.
While a usual insurance plan covers accidental damages and third-party liabilities, standalone OD policies ensure you remain covered even when your vehicle faces
damages due to your actions. Scroll down to find out how to settle for the best standalone policy for your vehicle.
How to Get the Best Standalone OD Policy to Safeguard Your Vehicle? [1]
Getting the right standalone OD policy for your vehicle is the key to securing it without breaking the bank. Go through the following points to learn how you select the best
Standalone plan for your car:
Compare Different Types of Policies
Implementing constructive comparison among different types of policies is the ideal way to understand what works best for you. Likewise, you must consider the potential
expenses you have to bear to maintain your vehicle and compare the following policies:
Third-party Vehicle Insurance
Third-party vehicle insurance covers your third-party liabilities only. It does not provide financial assistance in case there are any damages to your vehicle. Since it is a mandatory requirement as per the Motor Laws of the country, its premium rates are comparatively affordable and are not affected by depreciation.
Standalone Vehicle Insurance
Standalone vehicle insurance is specifically designed to cover the damages of your vehicle and does not provide coverage for any third-party liabilities. Even though it is not compulsory to have, it financially protects your car against unforeseen events like theft, vandalism etc. The depreciation rate of the vehicle affects the premiums thus it gets lower as your vehicle gets older.
Comprehensive Vehicle Insurance
Comprehensive vehicle insurance is also not mandatory, however, it provides coverage for both third-party liabilities and damages to the insured vehicle. Even though the
depreciation rate affects the own damage component, the premiums of this insurance plan are higher since it provides the maximum coverage.
Ensure the Reliability of the Insurance Provider
The kind of insurance company you have purchased your plan from matters since the company is going to provide you with financial assistance. Thus, there are a few things you need to confirm before you proceed to issue your Standalone policy from them:
Customer Service
The customer service team of your insurance provider should be available for 24 hours. It is even better if their team provides email IDs and contact numbers for their
customers.
Network of Garages
Your insurance provider must have a wide network of garages where you can avail cashless services to repair the damages of your vehicle. If their network extends to your
nearby location it is more desirable.
Customer Ratings
Make sure to check the customer reviews and ratings by visiting their official website. The more positive feedback you see about the service, coverage, claim settlement etc.
the better.
Assess the Claim Process
Assessing the claim settlement process is one of the most crucial things to consider. Along with that, ensure the following things for better transparency:
Claim Settlement Ratio
The claim settlement ratio indicates the reliability of the insurance company when it comes to settling the claims of its customers. Thus, the higher the ratio the better for
you to assess their reliability.
User-friendly Interface
Raising claims for car insurance online requires you to submit evidence and essential documents. Hence, you must ensure that the interface of their website can be easily
accessed by everyone and involves no technological complications.
Check the Coverage and Benefits
It is important to note that not all Standalone policies provide coverage for the same risks. Therefore, you must ensure the plan you choose offers coverage for maximum
risks such as fire and explosion cover, theft, total loss, vandalism, damages caused by strikes or riots, etc.
Apart from these, you must check the additional benefits like roadside assistance, zero depreciation cover, engine protection cover etc. Even though add-ons increase the
premium rates, it ensures better protection of your vehicle.
Understand the Terms and Conditions
All Standalone insurance policy comes with a set of terms and conditions related to the coverage you will receive, bonus accumulation and other details of the plan. You need to make sure to check the terms thoroughly before purchasing the plan and ensure that the policy meets all your requirements while lying within your budget.
The Bottom Line
To sum it up, vehicle owners can understand that purchasing a vehicle comes with its share of expenses. Therefore, there is nothing more ideal than to safeguard your
vehicle financially against potential challenges. This is exactly what Standalone vehicle insurance can do for you. So make sure to evaluate your requirements and opt for a
suitable OD policy today.
Visit: https://www.tataaig.com/motor-insurance/car-insurance/standalone-own-damage-car-
insurance
https://www.acko.com/car-insurance/own-damage-insurance/